Schumer: Strong GDP Number Is A “Mirage,” Trump’s Tariffs Are Weighing Down The Economy
Senate Minority Leader Chuck Schumer (D-NY) took to the Senate floor Wednesday, calling the GDP number a mirage and raising questions about the economic data released by the Commerce Department.
SEN. CHUCK SCHUMER (D-NY), SENATE MINORITY LEADER: So this morning we got more worrying news showing how Donald Trump’s administration is raising costs and sowing chaos in the economy. The New York Times headline put it succinctly, US economy slowed in the first half of 2025 as tariffs scrambled data. And while the Trump administration will try to wave rosy headlines about the Q2 number, today’s GDP number is in fact a mirage because some ominous numbers lurk under the hood. Business investment plunged in the second quarter by 3.1 percent. The fact that business investment plunged so starkly is very troubling. It shows that already businesses are worried about growing their operations, worried about hiring more workers, worried about trading with their international partners, and worried in general about the future. And this number is another data point in a larger pattern. Donald Trump’s tariffs are weighing down the US economy, spiking costs for small businesses and families alike. And if Donald Trump keeps up the chaos, the dangers for the economy will continue to get worse.
